Held that the High Court had not committed any error in affirming the Tribunal’s view allowing the loss claimed by the assessee in hedging contracts with foreign exchange dealers and banks, arising out of foreign exchange rate fluctuations. CIT v. Woodward Governor India (P). Ltd (2009) 312 ITR 254(SC) followed. (AY. 2009-10, 2010-11)
PCIT v. Vedanta Ltd. (2022) 448 ITR 732 / 219 DTR 154 / 329 CTR 265 (SC) PCIT v. Matrix Clothing Pvt. Ltd. (2022) 448 ITR 732 / 219 DTR 154 / 329 CTR 265 (SC)
S. 37(1) : Business expenditure-Loss in hedging contracts with Foreign Exchange dealers and banks-Not speculative allowable as business expenditure. [S. 28(i), 43(5)]